Category: Cryptocurrency News

In the previous month, Solana (SOL) has failed to make progress as the token fell victim to the market contagion brought about by the collapse of crypto exchange FTX. As of this writing, all time horizon indicators for Solana’s native token SOL are red. Since succumbing to market contagion, Solana has continued to bleed Using bearish metrics and technical indicators, we may anticipate a more negative outlook. The token and ecosystem of SOL are not looking good according to other indicators. As per LunarCrush’s data, both social media mentions and engagements are declining. Messari adds that the asset’s unappealing volatility and low returns make it less attractive to investors and traders. What will happen to SOL now that its price has dropped below $14? Will it pull out of the dark or sink much lower? Related Reading: Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022 Solana Price Trajectory: Below Its Target The coin has been trading around $13.5314, well below the bullish aim of $14 and $15. Recent weeks have seen SOL bulls aiming for this level. It all starts on November 15 when bulls attempt to reach $15 but fail. After these attempts, the price fell below $14, where it has remained ever since. Due to bearish technical indicators, it is unlikely that SOL will surpass the $14 or $15 barrier level. On a timescale of four hours, the token’s RSI values are neutral and declining. The bearishness of SOL is further corroborated by its MFI, which is likewise declining. Although the token’s Bollinger band is rather wide, the moving average of is acting as resistance at $13.8150. In spite of this, a positive price pullback may still be warranted, as the prior price movements were in sync with the bullish XABCD harmonic pattern. If momentum permits, the price pullback objective will be $14 with a probable aim of $15. With negative technicals, however, bulls can rely on the $13.3081 support to help maintain sideways momentum and as a potential rally launching point. SOL Bears Are Everywhere Although the support has been resilient against the bears’ previous assaults, a breach of the $13.3081 support might send the price below $13.0951. Overall, SOL will not rebound in the near future. There is a greater probability of a negative breakout in SOL, so investors and traders should tread carefully. Related Reading: Quant Shows Potential For Surge Beyond $150 – Can QNT Hit Its Target? SOL total market cap at $4.6 billion on the daily chart | Featured image: Freerange Stock, Chart: TradingView.com

While the Ethereum network and its users continue to suffer from the high fees of the layer-1 blockchain, various layer-2 (L2) solutions are stepping into the spotlight to solve the problem. As analyst Miles Deutscher explained, citing data from Dune Analytics, layer-2 scaling solutions saw monumental growth in 2022. “I expect this trend to continue in 2023 and beyond,” Deutscher commented. Blockchain analytics firm Nansen also released data today showing the growth of layer-2 solutions. Specifically, Nansen referred to Abritrum. “Arbitrum season is in full swing,” wrote a researcher at Nansen. According to their data, transactions on L2s are increasing significantly, while transactions on Ethereum are decreasing. A clear divergence can be seen. Regarding Arbitrum, the Nansen researcher writes that the number of daily active addresses averaged 50,000 to 70,000 in November and December. A few months ago, from July to September, the average was 15,000 to 20,000. With the recent Nitro upgrade, Arbitrum has once again massively lowered its average gas price for a transaction. While the average fee was $0.35 before Nitro, it has dropped to $0.08 afterwards. This represents a reduction of almost 75%. Related Reading: Ethereum Price Nears Breakdown Support, Can Bulls Save The Day? However, although Arbitrum’s network usage is skyrocketing, there is no token yet. So far, there is also a lack of an official announcement regarding an Arbitrum token. Rumors have it that Arbitrum will launch its token by the first quarter of 2023 at the latest. The ticker is supposed to be either ARBI or ARB. The Leading Ethereum L2 Solution As NewsBTC reported yesterday, Polygon (MATIC) currently holds the leading position when it comes to successful Ethereum L2 tokens. The project has entered partnerships with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, and Adobe, among others. Sandeep Nailwal, co-founder of Polygon, revealed yesterday that the zkEVM mainnet “is coming soon”. With the implementation, Polygon will reach a massive milestone. Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. Zero-knowledge cryptography will enable privacy and minimize data volumes to make transactions for smart contracts even more efficient. Related Reading: Bullish News For Polygon! zkEVM Mainnet Is Coming Soon, Says Co-Founder BitDAO And Optimism Another emerging L2 project is BitDAO, which is backed by the exchange Bybit. About a week ago, the project had announced the soft launch of Mantle, a modular Ethereum Layer-2 solution with separate execution, finality and data availability layers. A public test network is scheduled to go live in 2023. It will serve as the core of BitDAO and use BIT as a token. Optimism also has a token. The L2 Ethereum scaling solution was first introduced in June 2019, and the public mainnet was launched in December 2021. The OP token’s airdrop took place in June 2022, with nearly 249,000 registered Optimism users receiving the newly launched token. Remarkably, the project’s mainnet is currently hosting the largest decentralized exchange, Uniswap V3. At press time, the ETH price was sitting just above crucial support in the 4-hour chart.

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The year 2022 has been a very rough one for Bitcoin and the general crypto market. In the initial 11 months of the year, BTC declined by about 65%. Then, when it appeared that BTC gained stability at the $20K price mark, the FTX contagion broke out. The adverse event has brought the leading coin, Bitcoin, down by around 75% from its peak price of $68,789. BTC currently trades at $16,823. Notwithstanding, Bitcoin is still more promising than the rest of the altcoins. Therefore, several experts still believe prospective crypto investors can opt for BTC now, as it projects a positive future. Related Reading: Bullish Sentiment Spikes As Axie Infinity Price Propels 9%, What’s Next For AXS? As for the Ethereum token, its price change in the past 24 hours is -1.94%, with a trading price just above the $1,200 mark. Ethereum is also believed to be profitable in the long run, given its transition to 2.0 and potential to revolutionize the web. Bitcoin And Ethereum As Profitable Investment Options Meanwhile, a recognized stockbroker, Jordan Belfort, has expressed his thoughts concerning the profitability of Bitcoin and Ethereum. In his comment, he stated that both digital tokens are the safest to venture into. He admonishes crypto investors to get into the ecosystem with little capital. This is because of the unpredictable risks and volatility of these digital tokens. He further shared some lights on the recent FTX incident. He cited that investors couldn’t identify the scam of the exchange. But this is not a yardstick to disregard investing in Bitcoin and Ethereum. The stock broker also announced that his BTC holdings are still intact, with more purchases already made. His actions are backed by the belief that BTC will bring a huge ROI in a decade or less. ‘Wolf Of Wall Street’ On Crypto Adoption Belfort, also known as the “Wolf Of Wall Street,” shared information on his past dealings. At the time, most of its dealings were connected to the fading “Great Fools Theory.” This theory proposes high prices due to the overpriced securities sold to so-called greater fools. Such transactions occur regardless of the securities’ value and continue until the market is devoid of greater fools. The name The Wolf of Wall Street was inspired by the popular 2013 movie – The Wolf of Wall Street. It’s a movie written by Terence Winter and directed by Martin Scorsese. Its storyline centered on Jordan Belfort of 2007, who displayed great passion as a stockbroker in NYC (New York City), United States. Related Reading: Bullish News For Polygon! zkEVM Mainnet Is Coming Soon, Says Co-Founder Getting into 2021, the stock broker observed the rapid development of Bitcoin and eventually opted in. During the period, Belfort had hoped that the price of BTC would surge to $100K before 2021 wrapped up. His reason was based on the fixed max supply of tokens, which has remained at 21 million coins. Although the expectation was never met, his hopes are still high, which is evident in how he speaks highly of the coin. According to him, investors should not expect Bitcoin to yield sudden profits. Instead, it’s better to venture into the coin with a long-term mindset to make the most out of it. Featured image from Pixabay, chart from TradingView.com

The United States and Vietnam score the best on “crypto maturity” in 2022, a new report determines.

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The Bank of Spain is seeking the collaboration of organizations interested in participating in an experimental test on a wholesale central bank digital currency (CBDC). The institution clarified this new program has no relation with the current investigation on a possible digital euro, and has the objective of examining the real possibilities and advantages of […]

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Do they exist? Everywhere I look I only find wallets that look like they were made in 2010. Lol submitted by /u/GardenData61373 [link] [comments]

Japan’s financial giant Sumitomo Mitsui Financial Group is experimenting with soulbond tokens to satisfy new social needs.